The Central Bank of Nigeria (CBN) has received support from the World Bank to introduce a nationwide electronic payment system. The aims of such a scheme would be to combat widespread corruption in the country and save 10 million Naira by not having to print banknotes.
The World Bank's backing came at a book launch for Achieving Nigeria’s Financial System Strategy 2020: Making Finance Work for Nigeria. The World Bank argued that the introduction of such a scheme would not only strengthen the economy but also encourage growth and thereby lead to new jobs.
The CBN recently announced its intention to create a cashless economy beginning in June 2012 but the general public was less than thrilled with the news. They plan to begin by limiting the amount of cash individuals and businesses are allowed to draw and imposing charges if these limits are exceeded.
No comments:
Post a Comment